Category Archives: IPOs
“Rio Tinto Group (RIO) is pursuing an initial public offering of its gem unit, the world’s largest supplier of natural colored diamonds, after failing to find a buyer, according to a person familiar with the matter.
Rio hired Morgan Stanley (MS) to oversee an IPO in London, the person said, asking not to be identified because the process is private. The London-based company is still open to offers for the operations, the person said. Rio has been considering divesting the assets since March last year, saying they no longer fit with its strategy….”
CNBC reports the deal was oversubscribed and that hedge fund managers have complained they have received no allocation…..that spells melt up to me.
“ING U.S. Inc. (VOYA), the New York-based unit of the largest Dutch financial-services company, raised $1.27 billion in its initial public offering, pricing an increased number of shares below the marketed range.
ING U.S. sold 65.2 million shares for $19.50 each, according to a statement yesterday, after offering 64.1 million shares for $21 to $24 apiece. ING U.S. will be renamed Voya Financial after the IPO and the switch will take about two years, the company has said. The stock will start trading today, listed on the New York Stock Exchange under the symbol VOYA….”
“Shares of the beloved killer whale’s parent company SeaWorld Entertainment (SEAS)surged nearly 15% on their debut on the New York Stock Exchange, where penguins, an otter and a lemur walked through the trading floor…..”
“Get ready for some more M&A activity in the real estate sector. This morning, the real estate search engine Trulia announced that it is looking to raise up to
$100.3 million $150 million in a follow-on offering, with “some or all of such net proceeds to acquire or invest in complementary businesses, products, services, technologies, or other assets.” Trulia went public last year, and currently has 23.6 million monthly active users. Update: today’s follow-on filing is an amendment that includes the partial release of some shares owned by “certain officers and directors of the company” that were previously locked up. A spokesperson says that it is for $150 million, with $100 million going to company reserves.
In a filing with the SEC, the company said it would be offering some 5.25 million shares in a primary and secondary offering. 1.75 million of those shares will come from selling stockholers, and 3.5 million will come from Trulia itself, with the $100.3 million calculation based on its $30.44 per share price as of March 8 on the NYSE. It also notes that the raise could be as high as $115.4 million “if the underwriters’ option to purchase additional shares in this offering is exercised in full.” …”
“Shares of Xoom (XOOM) soared more than 40 percent in their first day as a publicly traded company.
“The online money-transfer company gained $6.41, or 40.1 percent, to $22.41 in midday trading on Friday. It opened at $21.
Xoom raised $101.2 million from selling 6.3 million shares at $16 each. It had predicted selling 5.8 million shares for $13 to $15 each in a Securities and Exchange Commission filing earlier this month. That Xoom sold more stock, for a higher price, suggests healthy demand from investors.
The banks managing the deal may buy nearly 950,000 additional shares to sell if there’s demand, increasing Xoom’s proceeds from the initial public offering.
Xoom, an upstart Internet competitor to Western Union (WU),….”
“The Moscow Exchange raised $498 million in the biggest initial share sale on Russia’s bourse since 2007, pricing at the bottom of its target range.
The deal values the exchange at 126.9 billion rubles ($4.2 billion), according to an e-mailed statement today. The shares were priced at 55 rubles each, at the lowest end of the Moscow Exchange’s target range of 55 rubles to 63 rubles. The stock, which trades under the MOEX RX ticker, climbed 0.1 percent to 55.05 rubles, according to data from the exchange….”
“Zoetis Inc.’s ZTS 0.00% stock rose in its public-trading debut, as investors jumped at the opportunity to invest in Pfizer Inc.’s PFE +1.65% animal-medicine unit and at the largest U.S. offering since the initial public offering of Facebook Inc. FB -2.39%
Shares opened at $31.50 on the New York Stock Exchange, up 21% from the $26 offer price, and traded recently at $30.65.
Late Thursday, Zoetis priced shares in its $2.2 billion IPO above the $22-to-$25 range initially outlined in documents filed with the Securities and Exchange Commission. Zoetis commands a market value of about $13 billion based on the offer price….”
Currently up 13%…
“Norwegian Cruise Lines, the No. 3 cruise ship operator in North America, priced shares of its IPO, and the stock begins trading Friday.
Norwegian Cruise Line, the No. 3 cruise ship operator in North America, priced shares of its initial public offering late Thursday at $19 a share, and when it opened Friday, the stock soared to over $25.
The shares began trading at 10 a.m. ET, and quickly jumped to nearly $26 a share before losing a bit of steam.
Late Thursday, shares of the Miami-based operator of 11 cruise ships were priced at $19 a share, signaling a strong reception from investors. The pricing was well above the expected range of $16 and $18 a share.
The deal raises $447 million for the company, since it sold 23.5 million shares. It will trade under the ticker “NCLH” on the Nasdaq electronic exchange….”
“Pfizer’s unit Zoetis plans to sell 86.1 million shares at between $22 and $25 each in an initial public offering that could value the animal health business at as much as $12.5 billion.
At the top-end of the expected range, the offering would raise about $2.2 billion.
The Wall Street Journal reported last month that the Zoetis IPO was likely by January or February, and that it could raise about $4 billion.
Pfizer said in June last year that it planned to separate its animal-health unit, which sells medicines, vaccines and other products for livestock and pets, into a standalone company.
The unit reported revenue of $3.16 billion, or about 7 percent of Pfizer’s overall revenue, for the nine months ended Sept. 30, 2012.
Zoetis had filed with regulators in August a placeholder amount of up to $100 million, as the largest U.S. drugmaker looked to spin off the unit and narrow its focus on its core prescription drug business….”
“Nomura Holdings Inc. (8604), Japan’s No. 1 equity underwriter, expects initial public offerings in the country to reach the highest in six years as Prime Minister Shinzo Abe’s stimulus pledge boosts investor confidence.
About 60 Japanese companies will probably announce debut share sales in 2013, Masaharu Kambe, who heads Nomura’s IPO department in Japan, said in an interview. That would be a 25 percent increase from last year and the most IPOs in the country since 121 listings in 2007, according to Nomura data…”
“Initial public offerings in 2012 slumped to the lowest level since the financial crisis as signs of an economic slowdown and Facebook Inc.’s (FB) disappointing debut curbed demand and prompted companies to push back sales.
IPOs have raised $112 billion worldwide this year, the least since 2008, according to data compiled by Bloomberg. Initial sales in western Europe dropped to one-third of last year’s level, while concern about China’s economy helped cut proceeds in Asia by almost half. U.S. offerings raised $41 billion, little changed from last year, as Facebook’s IPO spurred a monthlong drought in U.S. deals…”
“Moneywatch) Although Facebook’s (FB) initial public offering was the most notorious of 2012, it was far from the worst.
Just three months after Facebook’s IPO, its stock price had dropped by more than 50 percent, falling from $38 a share to $17.73. This had many people wondering if Facebook was the worst IPO of all time. Now the numbers are in and it turns out Facebook wasn’t even the worst IPO of the year. In fact, it didn’t even crack the top 10.
Facebook has seen a marked increase in its stock price in the last month, going from $19.20 on November 9 to close at $26.97 on December 6. That means its stock is down “only” 29.1 percent since May, which puts it at No. 12 on our list of the year’s weakest IPOs.
Here are the 10 worst IPOs of 2012, based on information gathered from research firms Dealogic, Renaissance Capital, IPO Monitor and other sources…”
“U.S. regulators, in a move to sanction auditors for blocking investigations at China-based companies, have set a course that jeopardizes the listing of more than 100 stocks from the world’s most populous nation.
In a Dec. 3 enforcement action against the China-based affiliates of the Big Four accounting firms, the U.S. Securities and Exchange Commission escalated a three-year impasse between the two nations over whether auditors can share work documents with regulators investigating possible accounting fraud at companies selling securities in the U.S.”
LOCK, ICPT, KYTH, RLGY, SSTK, ANFI,
“Pfizer Inc.’s (PFE) animal-health business, Zoetis Inc., filed plans for an estimated initial public offering of up to $100 million in Class A common stock.
Pfizer said the offering is expected to represent an ownership stake of up to 20%.
Pfizer will transfer its animal-health business to Zoetis before the IPO is complete, which is targeted for the first half of 2013.”